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Hodges Ward Elliott Arranges Recap of Congress Square Office Tower in Boston
Hodges Ward Elliott has arranged the recapitalization of Congress Square, a recently redeveloped 371,996-square-foot, Class A office tower on Water Street in downtown Boston.
An investor group led by Hana Financial and KTB Asset Management acquired a 95% ownership interest in the property. Related Fund Management will own the remaining interest, while Related Beal continues to manage the asset. HWE also arranged financing for the new venture that was provided by KKR.
The property was oiginally built as three separate bank buildings at the corner of Water Street and Congress. Its redevelopment by Related Beal has created a new corridor in the Financial District that connects Government Center, Faneuil Hall, Post Office Square and Downtown Crossing.
The building now incorporates the addition of a seven-story “glass jewel box” on top of the original structure and fully renovated office and retail space.
- ◦Financing
